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US Army Corps of Engineers Strip 11078 S State St 8,434 SF 100% Leased Retail Building Sandy, UT 84070 $5,243,000 ($621.65/SF) 6.50% Cap Rate
Investment Highlights
- Fully occupied three-tenant strip with a WALT of 5.83 years
- The subject property is a strip building within The Schoolyard development, one of Sandy’s premier recent retail developments
- Salt Lake City MSA is one of the fastest-growing metro areas in the U.S.
- 2023 build-to-suit construction with replaceable market rents
- 30,000+ SF of newly constructed space – 100% occupied - Ideally positioned adjacent to Costco and Scheels
- Dense residential population – 284,000 residents within a 5-mile radius of the subject property
Executive Summary
Fully occupied three-tenant strip center with a WALT of 5.83 years, anchored by a US Government lease that was signed in 2026 and another lease with ~8 years of term remaining featuring above-market 3% annual rental increases. The subject property is located in The Schoolyard, a premier retail development in the Salt Lake City MSA anchored by reputable national tenants including Shake Shack, Veterinary Emergency Group, and Roxberry Juice. It is situated along S State Street, one of Sandy’s primary retail and commercial thoroughfares, offering excellent visibility, strong traffic volumes (~28,000 VPD), and direct access to the city’s dominant shopping and dining corridor.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
8,434 SF
Building Class
B
Year Built
2023
Price
$5,243,000
Price Per SF
$621.65
Cap Rate
6.50%
NOI
$340,788
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.13
Lot Size
1.47 AC
Zoning
CBD - Central Business District
Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 27-24-227-012-0000 | Improvements Assessment | $5,833,400 |
| Land Assessment | $3,477,000 | Total Assessment | $9,310,400 |
Property Taxes
Parcel Number
27-24-227-012-0000
Land Assessment
$3,477,000
Improvements Assessment
$5,833,400
Total Assessment
$9,310,400
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